Weak point in China economic system offers Beijing incentive for commerce deal

Posted - January 12 201913:14

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Weak point in China economic system offers Beijing incentive for commerce deal

It appears trade talks between the US and China are going well as reports suggest the two sides are getting closer on settling their differences.

As per the Chinese Commerce Ministry statement, both countries "conducted extensive, in-depth and meticulous exchanges on trade issues and structural issues of common concern, which enhanced mutual understanding and laid the foundation for resolving mutual concerns".

The optimism of both sides from the three-day meeting indicated a positive stand towards ending the US-China trade war that has affected both the countries.

The vice-ministerial level talks are working-level discussions and not meant to yield a final agreement.

The US delegation to Beijing this week was led by Jeff Gerrish, deputy to US Trade Representative Robert Lighthizer who is leading the negotiations for the Trump administration.

China has pledged to purchase "a substantial amount" of agricultural, energy and manufactured goods and services from the United States, the U.S. Trade Representative's office said on Wednesday after U.S.

The USTR gave no indication as to what, if any, new agreements had been made during the latest round of talks, but its statement said the US side pushed verification and enforcement of previous agreements.

"This is what China has wished for, but I think the USA will wait and see", Chiu said.

Shares extended gains in Asia on hopes for progress in resolving the tariffs battle between the US and China as talks appeared to have been extended in Beijing.

Washington wants Beijing to change its plans to use government support to make Chinese companies world leaders in robotics and advanced technologies. The truce was called at the G20 meet in December after Trump and his Chinese counterpart Xi Jinping agreed not to impose new tariffs on each other.

A reduction in Chinese imports of US goods came quickly after the retaliatory imposition of tariffs, the data show.

Trump, who has been accusing China of indulging in unfair trade practices contributing to the huge trade deficit amounting to United States dollars 375 billion, on Tuesday said the trade talks with Beijing were going on "very well". Feng added that Russian Federation was China's major partner when it comes to trade growth dynamics. USA officials have repeatedly accused China of not fulfilling agreements, with Ross saying on Monday that "the real issue is what are the enforcement mechanisms, what are the punishments if people don't do what they were supposed to do?" "Progress should include a mechanism for the removal of tariffs and measurable, commercially meaningful outcomes", the U.S. "Instead of making honest efforts to solve its domestic problems, it resorts to unilateralism and protectionism, breaks the rules-based worldwide order, coercing allies to accept unfair treaties, triggering trade frictions with China, and blocking technology transfer while trying to contain China's rise".

China's trade data for the full year of 2018 is due to be released on January 14, and economists see year-on-year export growth slowing in December from November.

Should China reform its regulation policies to allow more US access to its markets, USA negotiators want guarantees that they won't erase newfound openness by using government authority to block American companies.

She added that the Trump administration's complaint that China is stealing US intellectual property is "top of mind" in the negotiations with Beijing.

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